Cardiff City's new red home football kit and new blue away football kit. Photograph: Cardiff City FC

Cardiff have confirmed they will now play in red rather than their traditional blue kit after the club's Malaysian owners formally unveiled a new image for the Welsh side. The switch – which also includes a new crest and takes effect immediately – comes after the club's hierarchy approved the decision at a board meeting.

The club have unveiled three new strips – a red home shirt, a blue away strip, and a third kit, which is mainly black. The new kits bear a redesigned badge, incorporating a main image of a dragon, with a small bluebird inserted underneath, and carrying the slogan "Fire and Passion".

In addition, the club have announced plans to build a new training ground, pay off their debt with the Langston company, provide the manager Malky Mackay with a substantial kitty, and explore the possibility of expanding the Cardiff City Stadium.

The move came less than a month after the club's chairman Dato Chan Tien Ghee said the proposal to change to red shirts had been dropped due to "vociferous opposition" after the plans were leaked.

In an open letter to fans, the chairman said then: "We have no desire to cause offence or for people to think we have no respect for the club or its history as it would appear has been suggested in various quarters including by local assembly members."

He continued: "In the light of the vociferous opposition by a number of the fans to the proposals being considered ... we will not proceed with the proposed change of colour and logo and the team will continue to play in blue at home for the next season with the current badge."

Today, the Cardiff chief executive, Alan Whiteley, said: "This is a major and significant financial commitment and we are grateful to our investors for their continued confidence in this football club. Concerning the commitment to developing the crest and to switch our primary colour to red, as directors – and as fans in our own right – we recognise that there is a history and commitment that goes with supporting Cardiff City and we are conscious and proud of the loyalty, bond and passion so many share for this club.

"At the same time, we also have to be prepared to be realistic and progressive. Sometimes in difficult economic times and challenging market conditions, in order to attract investment to survive and progress, brave, bold and compelling decisions and sacrifices need to be taken and made. By securing this investment we can safeguard the immediate and long-term future of this club."

But he added: "We are only too aware that the change of colour is a radical and some would say revolutionary move which will be met with unease and apprehension by a number of supporters, along with being seen as controversial by many. To those I would like to say that this was not a decision that has been taken lightly or without a great deal of thought and debate.

"There is no getting away from the fact that history and traditions are the lifeblood of any club and as such should be jealously guarded and preserved. Both the board and our investors fully understand and respect this and will do their utmost to uphold, protect and promote the values and virtues which the club stands for.

"However, the changes are believed to be vital to enable the club to progress to the next stage in its development and very much in the club's best long term interests."